OFT warns debt management firms

Debt management firms risk being stripped of their licences if they are found to be targeting consumers with unsolicited texts, emails or voicemails, the trading watchdog has warned.

The Office of Fair Trading (OFT) has published fresh guidance on standards that such companies should follow in a bid to increase transparency and help "vulnerable" consumers make more informed decisions, following a rise in complaints to the Financial Ombudsman Service.